Latham Group transitioned from a net loss in 2024 to profitability in 2025, underpinned by increased fiberglass pool penetration and integrated acquisitions boosting sales. Operating income rose sharply by over 67% year-over-year, while Adjusted EBITDA margins improved to 18.3%. The company plans to leverage direct-to-homeowner digital marketing and dealer capacity expansions to sustain growth despite a largely flat market environment. Capital discipline is evident in improved cash flows and deleveraging efforts with no outstanding revolver borrowings at year-end.